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Pradhan Mantri Mudra Yojana | Mudra Loan Eligibility

Pradhan Mantri Mudra Yojana

Money is a great factor in terms of investment. For business purposes like a promotion or proper sustainability or to cope up with an emergency or crisis period money definitely plays a great role. Getting to understand this urge faced by most of the small and mediocre level of businessman Pradhan Mantri of India Shri Narendra Modi launched a programme and named it Pradhan Mantri Mudra Yojana. It is a loan scheme also termed as Mudra Loan that is been given to people who are small and independent entrepreneurs.

This awesome scheme of PM Modi definitely opened up the gate of opportunities wide enough to tackle any business crisis and take decisions in terms of money without any second thought. We all know how struggling the life of small and mid-level entrepreneurs are. While performing a business they often have to hold themselves back to take any sort of big risk as taking a general loan from banks definitely involve a huge amount of return. So, to make their life easier and many risks free banks have decided to agree with the country's PM's decision in granting them Mudra Loans which are easier, hassle free and much comfortable. So, here we go with all the brief but detailed study on the scheme's whereabouts.

pradhan mantri mudra yojana, mudra loan

Benefits of Pradhan Mantri Mudra Yojana

The scheme has been launched in April 2015 with a financial investment up to Rs. 20,000 crores. The implementation of the scheme has targeted to serve 5.77 crore small and mid-level independent entrepreneurs that work under sectors like – trading, retail, manufacturing and much more. So, the wide spectrum of its benefits is must to be known to avail the facility.

  • Mudra Loans provide benefits in terms of money that counts from Rs. 50,000 to Rs. 10,00,000.
  • You have not to bother about the processing charges. You can avail the loan amount without the said fee.
  • The main focus of the Mudra Loan is over the small and micro level entrepreneurs or business organizations. So, the large-scale entrepreneur or organizations are kept away from the list of beneficiaries.
  • The best part is the interest rate of the loan under this scheme. It is much affordable than the bank’s general interest rate. This makes the business people take risks and make an investment by availing the Mudra Loan.

So, these are some of the sufficient benefits provided by the scheme of PM. Also, the scheme has incorporated two helpline numbers so that the creditors get to know all about the scheme in a much profound way.Click here to get the toll free numbers that provide 24*7 assistance.

Special Provision or Facility by Pradhan Mantri Mudra Yojana

The Mudra Loan scheme has provided some special facilities through or to some distinct section of the society. In here, you will get to know what special provisions have been decided to provide loans through the largest networking bank SBI and also for the women and the other minor section of the Indian Society.

  • For the Mudra Loan beneficiaries, SBI has some extra facility. The repayment period is 5 years which also includes an extra 6 months of moratorium period. Also, the processing charge is absolutely nilled if the beneficiary takes a loan up to Rs. 50,000. If, he or she avail loan amount that counts between Rs. 50,000 to Rs. 10,00,000 then the processing fee is of 0.5% on the loaning amount.
  • The government has decided to set a separate budget in the scheme plan for empowering women. Till date most of the beneficiaries, that is 70% of the scheme include women. Loans of Rs. 1.8 crores have been made available for the women entrepreneurs that work independently or jointly.
  • According to the main objective of the scheme, the least benefitted business people or the groups will be bestowed with the provision of the easy and safe monetary loan. So, the government has taken major steps in providing Mudra Loan to SCs, STs and OBC categories. The beneficiaries need to submit their caste certificates to avail the modesty of the scheme. The studies made has also detected that 20% of the beneficiaries involve SC category, 5% of the ST category and 35% loan holders are from OBC category.

Interest Rates of Pradhan Mantri Mudra Yojana

The scheme has focused greatly on minimizing the interest rate over the loan taken. Below you will be getting to know the interest rate for the respective scheme category. So, get to know and decide which category suits your business well.

  • Mudra Shishu, loan amounting category up to Rs. 50,000 has decided to keep the nominal interest rate within the range of 10% to 12%.
  • Mudra Kishore, loan amounting category ranging from Rs. 50,000 to Rs. 5,00,000 has decided to keep the nominal interest rate within the range of 14% to 17%.
  • Mudra Tarun, loan amounting category ranging from Rs. 5,00,000 to Rs. 10,00,000 has decided to keep the nominal interest rate within the range of 16% up to a charge varying from bank to bank.

Eligibility to Apply for Pradhan Mantri Mudra Yojana

Like all the other scheme, Mudra Loan too follows definite eligibility criteria for its beneficiaries. In here, watch out if you are actually eligible to avail the scheme.

  • The applicant for the loan must be an India citizen. This might not be the case for other loans provided by the banks. But for Mudra Loan, this stands out as the primary criteria.
  • Loans are available for small and micro level entrepreneurs or business organizations, that too under the category of rural area.
  • The identity and address proofs are a must. Also, two passport-sized photographs are required of the proprietor or partner or director of the business.
  • Loan amount must be within the category of the scheme, that is up to Rs. 10,00,000. The amount prayed for in the loan application must be mentioned under quotation.

How to Apply for Pradhan Mantri Mudra Yojana

Now, find yourself eligible for the loan application, you must be wondering how to apply for this awe-striking scheme. Well, the process is really simple.

  • Choose out any of the loan providing banks and financial institutions that are given in the list below.
  • Provide your business details to the bank and they will suggest you the loaning category that you must or may avail.
  • You then need to fill up the loan application and they will assist you in doing so along with the opening of the current account for your business.
  • Since the loan under this scheme is a collateral one so you can get a good credit history of the business.

Documents Required for Pradhan Mantri Mudra Yojana

So, to avail the scheme's benefits you need to place just not the application but also the required proper documents. The documentation is must and compulsorily important to avail the loan facility. So, check out the list of the documents you will be needed while making the application. Make sure you do not miss a one.

  • ID proof, address proof and business address proof.
  • Last three years maintained balance sheets and income tax or sales tax return (if necessary).
  • Partnership deed of the company or a written proposal of the company is required.
  • Recent assets and liabilities statement along with their income tax return statements.
  • If the business premises is on rent then the rental agreement is required.
  • Registration forms of SSI or MSME are required.
  • The estimated or projected balance sheet for the upcoming two years of the would be taken loan must be presented for verifying the cause and objective of the money to be used for what purpose. This point is applicable to beneficiaries who wish to take loans of Rs. 2,00,000 or above.  

List of the Banks and Other Financial Institutions

The list of all nationalized banks that facilitates with the Mudra Loan are:

  • Oriental Bank of Commerce
  • Kotak Mahindra Bank
  • Standard Chartered Bank
  • Indian Bank
  • State Bank of Patiala
  • Bank of India
  • Central Bank of India
  • IDBI Bank
  • Citibank
  • Dena Bank
  • State Bank of Bikaner and Jaipur
  • State Bank of Travancore
  • Canara Bank
  • Allahabad Bank
  • Vijaya Bank
  • Karur Vysya Bank
  • UCO Bank
  • Bank of Baroda
  • Union Bank of India
  • Indian Overseas Bank
  • South Indian Bank
  • Bank of Maharashtra
  • State Bank of Hyderabad
  • State Bank of India
  • Syndicate Bank
  • Punjab & Sind Bank
  • United Bank of India
  • Andhra Bank
  • State Bank of Mysore
  • Corporation Bank
  • Bharatiya Mahila Bank
  • Central Bank of India
  • Punjab National Bank

The list of all private sector banks that facilitate this scheme are:

  • ICICI Bank
  • HDFC Bank
  • IndusInd Bank
  • Axis Bank Ltd
  • Jammu & Kashmir Bank
  • Karnataka Bank
  • City Union Bank
  • Yes Bank
  • South Indian Bank
  • Kotak Mahindra Bank
  • Federal Bank
  • Tamilnad Mercantile Bank
  • Karur Vysya Bank
  • DCB Bank
  • Catholic Syrian Bank
  • Nainital Bank
  • Ratnakar Bank

The list also includes the names of the cooperative bank that facilitate the benefit. They are:

  • Kalupur Commercial Co-operative Bank
  • Gujarat State Co-operative Bank
  • Mehsana Urban Co-operative Bank
  • Rajkot Nagarik Sahakari Bank

There are also some Micro Finance Institutions and Non-Banking Financial Companies that provide the benefits of the scheme. So, let us first look at the list of MFIs.

  • Arohan Financial Services Pvt. Ltd.
  • Arth Micro Finance Pvt. Ltd.
  • Belstar Investment & Finance Pvt. Ltd.
  • Bhartiya Micro Credit
  • Cashpor Micro Credit
  • CDOT
  • Digamber Capfin Ltd.
  • ESAF Micro Finance & Investments Pvt. Ltd.
  • Equitas Micro Finance Pvt. Ltd.
  • Fusion Microfinance Pvt. Ltd.
  • Future Financial Services Ltd.
  • Grameen Development & Finance Pvt. Ltd.
  • Hindustan Microfinance Private Limited
  • IDF Financial Services Pvt. Ltd.
  • Jagaran Microfin Pvt. Ltd.
  • Madura Micro Finance Ltd.
  • Mahashakti Foundation
  • Margdarshak Financial Services Ltd.
  • Midland Microfin Ltd.
  • Muthoot Fincorp Limited
  • Namra Finance Ltd.
  • Navachetana Microfin Services Pvt. Ltd.
  • RGVN (North East) Microfinance Ltd.
  • SKS Microfinance Ltd.
  • S V Creditline Pvt. Ltd.
  • Sahyog Microfinance Ltd.
  • Saija Finance Private Ltd.
  • Sakhi Samudaya Kosh
  • Samasta Microfinance Ltd.
  • Sambandh Finserve Pvt Ltd
  • Satin Credit Care Network Ltd.
  • Shikhar Microfinance Pvt. Ltd.
  • Sonata Finance Pvt. Ltd.
  • Suryodaya Microfinance Ltd.
  • Ujjivan Financial Services Pvt. Ltd.
  • Utkarsh Micro Finance Pvt. Ltd.

The list of NBFI include:

  • Mahindra & Mahindra Financial Services Ltd
  • Shriram City Union Finance Ltd.
  • Reliance Capital Ltd.
  • Religare Finvest Ltd.
  • Fullerton India Credit Co. Ltd.
  • Shriram Finance Corporation Pvt Ltd. (SRFCL)
  • Indiabulls Financial Services Ltd.
  • Shriram Transport Finance Co. Ltd.
  • India Infoline Finance Ltd (IIFL)
  • MAS Financial Services Ltd.
  • Bansal Credits Ltd.
  • SREI Equipment Finance Ltd.
  • AU Financiers India Ltd.
  • Vistaar Financial Services P. Ltd.
  • Magma Fincorp Ltd.
  • India Infoline Ltd.
  • Five Star Business Credits Ltd.
  • Intec Capital Ltd.
  • IKF Finance Ltd.
  • Esskay Auto Finance Ltd.
  • Equitas Finance Pvt. Ltd.
  • Electronica Finance Ltd.
  • Sakthi Finance Ltd.
  • SE Investments Ltd.
  • ECL Finance Ltd.

So, here goes the detailed any compacted study regarding the scheme named Pradhan Mantri Mudra Yojana. Analyze your business category and get the proper assistance by choosing out any of the above-above listed banking or financial institutions.

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